Howard Marks Oaktree Capital Management
Howard Marks is co-founder of Oaktree Capital Management, a leading firm in credit, distressed debt, and alternative credit strategies. He is equally well known for his widely read client memos on market cycles, risk, and investor psychology. Marks’s investing philosophy stresses second-level thinking, asymmetric risk/reward, and the importance of understanding where markets sit in the credit cycle.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Garrett Motion
GTX
|
+$325M |
| 2 |
Infosys
INFY
|
+$57.9M |
| 3 |
JD.com
JD
|
+$36.8M |
| 4 |
Sociedad Química y Minera de Chile
SQM
|
+$35.9M |
| 5 |
Banco Bradesco
BBD
|
+$29.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GTXAP
Garrett Motion Inc. Series A Cumulative Convertible Preferred Stock
GTXAP
|
+$612M |
| 2 |
EGLE
Eagle Bulk Shipping Inc.
EGLE
|
+$172M |
| 3 |
Vistra
VST
|
+$152M |
| 4 |
Weatherford International
WFRD
|
+$109M |
| 5 |
EXE
Expand Energy Corp
EXE
|
+$98.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 33.31% |
| 2 | Financials | 12.75% |
| 3 | Industrials | 8.58% |
| 4 | Materials | 6.45% |
| 5 | Utilities | 5.87% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
TORM
TRMD
$3.26B
| $1.29B | 17.04% |
53,812,988
| – | – |
|
|
EXE
2
Expand Energy Corp
EXE
$22.2B
| $615M | 8.1% |
7,350,000
-1,229,879
| -14% | -$98.1M |
|
3
Star Bulk Carriers
SBLK
$3.41B
| $461M | 6.07% |
26,067,483
| – | – |
|
|
4
Vistra
VST
$45.7B
| $446M | 5.87% |
17,000,000
-6,228,843
| -27% | -$152M |
|
|
STR
5
DELISTED
Sitio Royalties
STR
| $340M | 4.47% |
12,935,120
| – | – |
|
|
6
Garrett Motion
GTX
$4.96B
| $334M | 4.39% |
44,082,816
+40,489,705
| +1,127% | +$325M |
|
7
Runway Growth Finance
RWAY
$278M
| $260M | 3.42% |
21,054,667
| – | – |
|
|
STKL
8
DELISTED
SunOpta
STKL
| $139M | 1.83% |
20,726,126
| – | – |
|
9
NMI Holdings
NMIH
$3.4B
| $127M | 1.67% |
4,900,000
| – | – |
|
10
Ally Financial
ALLY
$13.1B
| $124M | 1.64% |
4,600,000
-1,524,687
| -25% | -$40.5M |
|
11
PUT
State Street SPDR S&P Oil & Gas Exploration & Production ETF
XOP
$3.93B
| $122M | 1.6% |
945,000
+495,000
| +110% | +$62M |
|
|
INFN
12
DELISTED
Infinera Corporation Common Stock
INFN
| $122M | 1.6% |
25,175,384
| – | – |
|
13
Petrobras
PBR
$123B
| $109M | 1.43% |
7,866,402
-196,137
| -2% | -$2.39M |
|
|
14
Banco Bradesco
BBD
$33.9B
| $107M | 1.4% |
30,815,319
+9,521,068
| +45% | +$29.4M |
|
15
Freeport-McMoran
FCX
$110B
| $105M | 1.38% |
2,627,805
-64,900
| -2% | -$2.47M |
|
16
Vale
VALE
$62.1B
| $104M | 1.38% |
7,782,982
-589,885
| -7% | -$8.35M |
|
17
Cemex
CX
$16B
| $103M | 1.35% |
14,489,032
| – | – |
|
18
AngloGold Ashanti
AU
$61.3B
| $99.7M | 1.31% |
4,728,622
-853,760
| -15% | -$21.5M |
|
19
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $95.3M | 1.25% |
215,000
-35,000
| -14% | -$14.7M |
|
20
ICICI Bank
IBN
$107B
| $91.9M | 1.21% |
3,981,989
-87,279
| -2% | -$1.97M |
|
|
CBL
21
CBL Properties
CBL
$1.71B
| $87.8M | 1.16% |
3,983,966
| – | – |
|
|
FYBR
22
DELISTED
Frontier Communications
FYBR
| $74.2M | 0.98% |
3,982,849
| – | – |
|
23
Vista Energy
VIST
$7.7B
| $69.6M | 0.92% |
2,884,674
| – | – |
|
24
FTAI Aviation
FTAI
$21.5B
| $64.4M | 0.85% |
2,033,110
| – | – |
|
|
25
Infosys
INFY
$48.4B
| $59.5M | 0.78% |
+3,701,358
| New | +$57.9M |
|
Similar funds
Howard Marks's Q2 2023 Portfolio in Review
As of Q2 2023, Howard Marks held 304 positions worth $7.6B, down 16% from $9.04B the previous quarter. Its ten largest holdings account for 55% of the portfolio.
Howard Marks withdrew a net $1.92B in Q2 2023, closing 66 positions and reducing 20 holdings. Its most notable exit was Garrett Motion Inc. Series A Cumulative Convertible Preferred Stock, an estimated $612M position sold in full.
By sector, the portfolio is most concentrated in Energy at 33% of assets, up from 33% a quarter earlier, followed by Financials and Industrials.
Against the trend, Howard Marks opened a new position in Infosys worth $59.5M.
- Howard Marks's largest Q2 2023 buy was Infosys: 3,701,358 shares worth $59.5M.
- Howard Marks added most to Garrett Motion in Q2 2023, an estimated $325M increase.
- Howard Marks's biggest Q2 2023 reduction was Vistra, cutting an estimated $152M.
- Howard Marks fully exited Garrett Motion Inc. Series A Cumulative Convertible Preferred Stock in Q2 2023, selling an estimated $612M.
- Howard Marks's ten largest holdings make up 55% of its $7.6B portfolio in Q2 2023.
- Howard Marks opened 7 new positions and closed 66 in Q2 2023.
- Howard Marks's portfolio value fell 16% quarter-over-quarter to $7.6B.
Based on Oaktree Capital Management's 13F filing for Q2 2023, filed 14 Aug 2023.